Amitabh Bachchan's rise to the status of a cinema icon has not been without roadblocks. In 1990s, came his career's biggest setbacks. His movies were not working and the once-cinema star decided to launch India's first entertainment company - the Amitabh Bachchan Corporation Ltd (ABCL), with the aim to get into film production, distribution, event management, talent management and television marketing. Big B started ABCL in 1994 with the aim to bring in a new culture - that of the corporate - in filmmaking. A novel idea at that time, the company saw success initially, only to make Big B bankrupt in a couple of years.
Big B goes bankrupt
The initial success gave a major confidence boost to the company. To match up to the company's fast-paced growth, it needed huge cash flows that came in from banks, who were happy to lend their money against the personal guarantee of the star of the stature of Bachchan. Some bad business decisions and some movies featuring Big B tanked at the box office and a couple of years later, the Bollywood star was neck-deep in debt. By 1999, the company was in a complete mess as it lost millions, debts soared to an all-time high - Rs 90 crore - against a net worth of Rs 60.52 crore in 1999.
Read: How Amitabh Bachchan's failures made him the Megastar he is today | Birthday special
Banks chase Big B for recovery
Big B has mentioned in several interviews that creditors started showing up at his house to get their money back - this was also a time when his iconic bungalow Pratiksha, was at risk of getting seized. Canara Bank had sought Mumbai High Court's permission to attach Pratiksha to recover its dues. The bank led a consortium that gave credit facilities to the tune of Rs 22 crore to the ABCL in 1996 when it expanded its business. Finding itself pushed into a corner by creditors, ABCL applied to the Bureau for Industrial and Financial Reconstruction (BIFR) to be listed as a sick company in order to get an immunity from creditors.
Read: Amitabh Bachchan surprises fans outside Jalsa, walks out at midnight to greet them | VIRAL VIDEO
Big B refuses money from Dhirubhai Ambani
On the fortieth anniversary of Reliance Industries Ltd firm, Amitabh Bachchan spoke about his tough days. He mentioned that when Dhirubhai Ambani got to know about his finances, he advised his son Anil Ambani that Big B is facing a tough time and that he should give him money. Recalling that incident, Big B said, "The sum of money he was attempting to present me would have ended all my troubles. I got emotional at his generosity. However, I felt that I won’t be able to repay his generosity. By God’s grace, times changed. I began getting work and I paid off all of the loans."
(With IANS inputs)
